KTC Edibles tripled its profits to £36m last year, ahead of its sale to flour miller Whitworths Food Group in April.
Whitworths bought KTC, a packer and distributor of edible oils, from private equity group Endless for an undisclosed sum.
KTC said the rise in profits throughout 2024 was due to a “refreshed commercial trading structure” backed up by new operational capabilities, more experienced staff, and improved processes.
It added “significant monies” were invested in operational facilities to support growth and help develop new products.
KTC’s sales soared in the wake of Russia’s invasion of Ukraine, as skyrocketing vegetable oil prices helped drive sales.
But its revenue has now dropped for the second year in a row, falling by 13% in 2024 to £454.9m. This was despite vegetable oil prices picking up through the year.
The rise in global vegetable oil prices throughout 2024 was largely driven by rising palm prices, a consequence of unusually dry weather conditions in south east Asia and a fall in production volumes. Because of the high prices, many buyers switched oils, pushing prices up elsewhere.
Prices have continued to rise this year, with the cost of rapeseed, sunflower and palm oil all tracking higher in recent months. President Trump’s tariffs have exacerbated this further as US trade wars cause uncertainty and volatility in the market.
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